HBAR has recently experienced a price decline. This indicates that the positive perspective of traders has disappeared, shifting to a bearish sentiment.
With this downward trend and the disappearance of bullish signals, altcoins may experience price declines for a longer period.
HBAR Traders, Anxious Minds
Over the past 10 days, HBAR's funding rate has shown two transitions from positive to negative. This is the first time in a month. This psychological change indicates that traders are adjusting their positions, preferring short positions over long positions.
The increasing dominance of short positions suggests that market participants are anticipating further price declines. This change implies a loss of confidence among traders, who now expect a decline in HBAR's value. They are anticipating a decline in HBAR's value.
From a macro perspective, HBAR's technical indicators have also turned bearish. The Relative Strength Index (RSI) entered the bearish zone at the end of May and reached its lowest point in two months this week.
The decline in RSI strongly indicates that HBAR is facing increasing selling pressure. As momentum weakens, the likelihood of HBAR's price continuing to fall increases.
These technical signals and negative funding rates suggest that HBAR may face difficulties in the short term. If current conditions persist, there is a possibility of further decline.
HBAR Price Direction to be Determined
Currently, HBAR's price is $0.168, just below the resistance level of $0.172. Considering the bearish indicators and disappearing bullish momentum, a price decline is expected.
The resistance level of $0.172 remains a significant barrier for HBAR, and failure to break through this level could lead to additional price weakness.
If the support level of $0.163 is not maintained, HBAR may experience further decline, potentially reaching $0.154. This decline could extend current losses and signal a deeper bearish trend. This may prompt more traders to reposition, further fueling the downward trend.
However, if HBAR breaks through the resistance level of $0.172, it could advance to the next resistance at $0.182.
Successfully breaking this level would instill confidence among traders and investors, potentially reversing the current bearish sentiment and invalidating the negative outlook for HBAR.
